Access to Finance Rwanda in Partnership with the Government of Rwanda through the Rwanda Cooperative Agency (RCA) is undertaking the automation of all 416 Umurenge SACCOs as one of the key solutions to address the numerous managerial and operational issues. The initiative is aimed at supporting the SACCOs to manage their growth, and increase their ability to operate efficiently and effectively. The broader aim being consolidation to form the Cooperative Bank. In addition Umurenge-SACCO staff will receive training on the usage of the installed system. The overall goal of the project is to develop sustainable financial institutions which will serve low income people and consequently improve their livelihoods through reduced vulnerability to socio-economic shocks, increased incomes and employment creation.
Access to Finance Rwanda (AFR) has therefore entered a partnership with three Financial Institutions, KCB Bank, Cogebanque and Umwalimu SACCOs (Teachers’ SACCOs) to deploy an effective, structured, quality, shared agency banking network infrastructure across the country. The project whose implementation will be completed in 18 months, is expected to result into 50,000 new or reactivated bank accounts and 300,000 USD of deposits streaming in from the agency banking channels.